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Unlocking Untapped Potential

August 2019
Foreword 2

The NASSCOM Research report titled “Fintech Lending – Unlocking Untapped Potential” aims to highlight the evolving trends in the field of Fintech Lending
and intricacies involved in this business.
This study includes in-depth primary research and covers market opportunities, competitive trends, success factors, key business models, and growth stories.
We hope you find this study useful, and we welcome your feedback and comments.

Debjani Ghosh
President, NASSCOM

NASSCOM NASSCOM
Acknowledgement Ashish Gupta
Manager - Research
Komal Gupta
Analyst - Policy
This report on the Fintech Lending market in India has been developed by NASSCOM through a comprehensive research process.

The preparation of this report has been made possible with information from various sources and assistance from institutions, enterprises, and
start-ups in India who have given their time and insights to the research team. We wish to sincerely thank all of them for their valuable contributions
without which this report would not have been possible.
2
5 Executive Summary

8 India Fintech Overview

11 Fintech Lending Market Overview

15 Fintech Lending Trends

TABLE OF CONTENTS
24 Fintech Lending Business Opportunities

30 Key Risks and Challenges

32 NASSCOM Recommendations

34 Fintech Lending 2020 Outlook

3
Research Methodology 5

The Fintech Lending- Unlocking Untapped Potential Report is


Case a comprehensive study based on in-depth interviews with
NASSCOM members that include large and small technology
Studies firms, proprietary startup database, and key government
stakeholders, supported by comprehensive secondary
research.

Primary research has been the major contributor to the


findings and recommendations of the report. We conducted
Public Sources multiple interviews over a span of 4 months with key industry
stakeholders to develop an understanding around the themes
covered in the report. Policy thinkers and data experts have
also provided their inputs to enable us to present a holistic
view on the rapidly transforming industry.

As part of the secondary research process, we looked at


organization and industry reports, public statements, media
articles, government releases, national and global databases
and previous NASSCOM reports on Fintech startups.

Expert Interviews

4
Executive Summary 6

Introduction
Over the last decade, India has emerged as a Fintech industry leader. This can be
largely be attributed to the government initiatives that have led to greater
investment opportunities in this sector while encouraging the consumers to shift
to adoption of Fintech based products and services. Research indicates that at
87%, India has the highest Fintech adoption rate in the world, and is home to the
2nd largest Fintech start-up base in the world. Our research shows that digital
lending, digital payments and wealth management are the three segments under
Fintech where most of the start-ups are concentrated in India.

This report focuses entirely on Fintech lending segment under the broader
Fintech umbrella. We have traced the evolution of Fintech Lending industry in
India while highlighting the key drivers for growth, trends, challenges and
opportunities. The report also highlights new business opportunities and key
success factors for the Fintech lending industry in India, in addition to identifying
bottlenecks faced by the industry, and recommend action steps to unlock the
Market Overview
untapped potential of the industry. The Fintech lending industry can be broadly classified under three major segments-
SME lending, Consumer Lending and Online Lending Platforms. While start-ups started
entering into this industry 2013 onwards largely to capture the untapped credit market,
large tech companies seem to have recently targeted this segment. Credit demand
from MSME and consumers presents an addressable opportunity of USD >1 trillion by
2023.

Most of these big tech companies, which have already been operating in other
segments such as e-commerce, digital payments etc. have large consumer base, and
related consumer data. By applying advanced data analytics, these companies have
developed deep insights on consumer spending patterns. This has enabled them to
come up with their own credit score of consumers based on recent bank history,
repayment trends and other similar attributes. These companies are generally offering
loan products as an add-on facility for consumers.
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Executive Summary 6

Market Trends
Start-ups, non-banking financial companies (NBFCs) and large tech companies
are competing against each other to capture a bigger market share. While
start-ups have relatively lesser access to capital, they possess strong data
analytics capabilities. Major Fintech companies such as Google Pay, Ola,
Amazon, Truecaller, among others, have started entering into the lending
business as a part of their expansion strategy. The major drivers include, easy
market entry and targeted loan offerings due to large customer data insights,
better margins than other Fintech business models such as payments and
financial services, and prevalence of huge untapped market for unsecured
loans.

While we have observed that each of the three types of competitors i.e. start-
ups, NBFCs and large tech companies, have their own strengths, the Fintech
lending industry at large benefits from partnership models. Fintech
companies collaborating with established NBFCs or banks can reduce market Key Findings-
entry time by 50% as compared to applying for its own NBFC license to enter Business Opportunities
the market. In addition, collaborating with NBFCs enables both partners to The major business opportunities prevailing in the Fintech lending industry are-
launch combine product based on customer portfolio. Strong data analytics, • Point-of-sale (POS) based lending which provides easy access to merchant related data
effective partnerships and low default rates are key success factors in this which allows easy credit check.
business. • Peer-to-peer (P2P) based lending allows individuals to lend to another individual.
• Invoice based lending aims at financing merchants against the amount due from
customer i.e. account receivables
• Short term lending gives users credit in customized manner, which allows them to make
instant purchases. The ‘buy now, pay later’ model based on a similar concept is being
adopted by companies to target a new set of customers. Even as new business models
are being used to penetrate the market, increasing credit demand from consumers and
MSME offers an addressable opportunity in the coming years.

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Executive Summary 6

Key Risks and Challenges


The following risks/ challenges with Fintech lending have been identified-
• Liquidity squeeze can cause interest rates to rise directly impacting end
customers.
• Business viability is questionable as default rate increases
• There are no clear guidelines for first loan default guarantee, which can
provide safety to lenders.
• Bad loan ratio of NBFCs have almost doubled in last 5 years.
• Borrowed money from NBFCs and banks for lending comes with a high
interest rate.
• RBI lending regulations such as P2P lending law which caps maximum
lending or borrowing by a single vendor to USD 0.014 mn (INR 10 lakhs)
• Talent is a challenge for Fintech lending companies. Recommendations
The report lists out a four-fold action agenda to be implemented by the government,
industry and NASSCOM. These include, addressing ease of digital on-boarding of
customers, reducing default rates, improving access to credit, and supporting new
technology and innovation in lending.

Outlook for 2020


NASSCOM Research expects the following trends in Fintech lending in India in the
future-
• More focus on data analytics for more accurate credit scores.
• More collaboration among Fintech start-ups, banks and NBFCs.
• Emergence of customized solutions like credit cards and accounts based on
borrower’s credit profile.
• Allowing portability of trusted data between service providers under Data
Empowerment and Protection Architecture (DEPA) architecture.
• Lending companies to have in-house capability of offering loans, compliance,
regulatory etc.
5
INDIA FINTECH
OVERVIEW

8
India Has Emerged As A Fintech Industry Leader

Highest Adoption Rate in the World 2nd largest Fintech Start-up Base in the World
India 1500+
87% 1100+

Global
64%

USA India

Fintech Adoption Index 2019 No. of Fintech Startups Founded (2015-18)

Rapid Growth in Transactions Fintech Software Market

CAGR 73 CAGR 2.4


22% ~19%

1.2
33

2016 2020
2016 2020
Fintech Transaction Value (in USD bn) Fintech Software Market in India (in USD bn)

Source: EY Global Fintech Adoption Index 2019 , Yes Bank Report, Tracxn 9
Diverse Fintech Landscape in India Illustrative List of Start-ups

DIGITAL LENDING 330+ Start-ups DIGITAL PAYMENTS 370+ Start-ups WEALTH MANAGEMENT 300+ Start-ups
Digital Lending allow access to loan through Digital Payments allows making payments Digital Wealth Management offers tools,
digital mean and with minimal paperwork through digital instruments platforms for investments advisory

Source: News Articles, Tracxn, NASSCOM 10


FINTECH LENDING
MARKET OVERVIEW

11
Rapidly Growing Fintech Lending Landscape in India
SME Lending
Providing fast credit to small and medium enterprises through digital platform

Consumer Lending Online Lending Platforms


Providing credit to individual consumers through digital platform Provides a marketplace where individual consumers can connect
with bank or lenders through online portals

Source: News Articles, Tracxn, NASSCOM 12


Lending Business Evolution: Industry at Inflection Point

Fintech Lending Era Entry of Large Tech Companies


Large companies which are into the
business of e-commerce, payments etc.
300
started entering into this market
Rapid Business Growth for
Startups
Alternative lending funding increased
from just USD 21 mn to USD 537 mn in
200
No. of Start-ups

2018

100
Entry of Lending Start-ups
Tech start-ups found lending business to be
attractive due to large untapped market

50

2000 2015 2017


2013

Source: News Articles, Tracxn, NASSCOM 13


Fundamental Lending Challenges In India Translating To Massive Fintech
Lending Opportunities
Addressable Opportunity

CAGR: ~6%
Low Penetration of Traditional Financial Instruments
~ USD 900 bn
• ATM penetration rates 0.5X global average
• Credit card penetration at 0.01X in India compared to USA ~ USD 640 bn

Unmet Needs 2017 2023


• Household to debt ratio 0.1X of global average MSME Credit Demand
• 300 million Unbanked households looking for credit access
• MSME unmet credit gap expected to reach ~ USD 900 bn by 2023

Banking Sector Challenges


CAGR: ~36%
• As of March 2019, Indian banks NPA stands at ~ USD 135 bn
• 6 public sector banks are still under prompt corrective action due to rising ~ USD 350 bn
NPA and facing restriction on lending
~ USD 75 bn

Traditional Customer Evaluation Methodology 2018 2023


• Physical, time-consuming and non analytics based background verification
• Collateral based lending India Digital Lending Market

Source: News Articles, MSME, Tracxn, NASSCOM 14


FINTECH LENDING
TRENDS

15
Lending Market Attractiveness- Better Data Better Analysis  Better
Margins
Better Margins High Volume Market
2
Lending can offer better margins compared to other Huge untapped market of unsecured loans
Fintech business models like payments, financial services
etc.
1 3 Transactional Data
Customer Data Enabling Market Entry Business transaction data help companies to understand
Large companies are sitting on huge volumes of the needs and offer them targeted and customised loans
customer data making it easier for them to enter 4

Advancement in Data Science Relative Lack of Competition


Lending business offers large untapped customer base
Rapid growth in big data and analytics tools and
offering substantial growth opportunities
technologies in addition to availability of quality analytics
talent driving the market

COMPANIES ENTERING LENDING BUSINESS AS A FINTECH BUSINESS EXPANSION

Illustrative List
Source: News Articles, Tracxn, NASSCOM 16
Start-ups, Large Tech Companies And NBFCs Are Key Competitors

Access to Capital Customer Data Analytics Risk


Start-ups
 Aggressive business strategy
 Strong data analytics capabilities
 Partnership driven

Large tech Companies


 Aggressive business strategy
 Strong data analytics capabilities
 Huge customer traction in limited time

NBFC / Microfinance
 Huge customer base
 Established brands
 Distribution and reach

Low Medium High


Source: News Articles, NASSCOM 15
Lending Success Factors- Establishing Partnerships for Market Access,
Using Data to lower Default Rates

Access to the merchant / individual data can help


create a credible credit score. Fintech companies
need to partner with e-commerce companies like
Swiggy, Amazon etc. to get such data

Keeping the default rate low is the prime focus of


every lending firm as it directly impacts the
margin and business sustainability

Partnerships help in driving mutual growth as


both Fintech firms and banks / NBFCs have
there own strength and weaknesses

Source: News Articles, NASSCOM 18


A Partnership Approach Can Reduce Market Entry Time by 50%
Illustrative Timeline
Getting own NBFC License Use Case:

To expand in Tier 2 To loan vehicles and To offer OLA credit


and Tier 3 cities finance dealers (pay later product)
Feasibility Check / Launch
Pilot Project

Ideation Apply for NBFC License NBFC License received To offer credit To offer credit To offer consumer
and insurance to and insurance to loans for electronics,
Combining Data and Technology Requirement of minimum net Lending from own balance sheet consumers and consumers and home appliances etc.
owned fund of ÙSD 0.29 mn can start after receiving the sellers sellers
(INR 2 crore) license

Working with an established partner

Use Case:

Feasibility Check / Launch


Pilot Project Offering a Money tap
Looking for the relevant RBL Credit Card
Ideation Product Launch
partner To lend capital to
consumers and
Combining Data and A Bank or NBFC should be Both partners to launch
applicants
Technology approached for partnering combine product based on
customer portfolio

6 months 12 months 17
Source: News Articles, NASSCOM
Case Studies- Partnerships and Default Rate
Nelito has partnered with Sonata Finance (a USD 212bn
worth of asset based NBFC providing microfinance loans
Low Default Rate

To address challenges in typical loan issuance process, over an year was


spent to deliver tailor made solutions for Sonata finance: Instamojo offers byte-sized loans to help small
businesses manage your cash flow and working capital
 Business Correspondent Management requirements.
 Securitization Loan Management
 Repayment module of securitized loan Lending Default Rate: 0.01%
 Funder Repayment
 Pledge, unpledged FD management Such a low default rate requires strong
background analytics:

Partnership  Strong KYC approval process


 Weeding out fraudulent merchants
 Using computer vision algorithm for pattern
detection and document authenticity
 Use of Natural Language Processing Algorithms to
figure out merchant business

20
Data is the Holy Grail in Fintech Lending
Illustrative Data Sources
Online Spending Data
Purchases and selling on online
platforms like Amazon, Flipkart etc.
Avg. online retail spending at USD
224 per online buyer Credit Bureau Data
Bureaus Provides credit score of
SMS Data individuals by looking at
SMS has all kind of individuals repayment behaviour
information like credit, debit Risk Tier Borrower
in the accounts
Prime Plus 801-900
210 billion messages
travelled in 2018 Prime 751-800
Near Prime 651-750
Subprime 300-650

Point of Sale Data


Transactional data on POS
where customer execute
Social Media Activity
payment of goods or service Data on google maps, payments to
400+ million monthly debit cards cabs, bill payments etc.
transactions at POS terminals Almost 40% of daily media time
people spend on digital media

Source: News Articles, NASSCOM 21


Cross-Referencing Multiple Credit Data Points Can Significantly Reduce
Default Rates
SMEs and Individual credibility check requires referring to multiple sources to create a credible credit score

App Based Data Bank Data


• Expense tracker apps (like Walnut, • Past Lending Behaviour
FinArt, MoneyView, Beewise etc.) • Debit / Credit Data

Business Data E-commerce Data


• Promotors Info
• Volume of Business • Merchants sales data information
• Geographical distribution of business • Value, number, frequency of e-money
• Business Aging account credit / debit
• End Consumer of Business

Balance Sheet Data Proper Credibility Checks can


• Cash Flow reduce default rates by 1-2 %
• Goods & Service Tax Data

Source: News Articles, NASSCOM 22


Case Studies- Data Analytics and Cost Reduction
FlexiLoans is an online lending platform started with an endeavor to solve the
problem that SMEs face in accessing quick, flexible and adequate funds for
growing their businesses. Borrowing Cost
 Step 1 - Customer Acquisition”: Dynamic prioritization of leads
that leads to 50%+ faster onboarding and have 7 interfaces for
Reduction
customer acquisition
 Step 2 - Application Processing: Have an Image Classifier that
reduces pre-processing time by 98%. They also extract publicly
available 3,000 data points to better assess customers. BharatPe is a payments company serving the
 Step 3 - Credit Appraisal: FlexiLoans has a suite of credit scoring offline retailers and businesses empowering
models that generate proprietary scores merchants to accept UPI payments for ‘FREE’
through the BharatPe QR
 Step 4 - Collections: Flexiloans has 1) integrated early warning
system, 2) collection analytics that are looped into assessment
and 3) deep integration with banks that helps in auto-escrow
deductions & one-click disbursements.  BharatPe focus on creating a good book with risk &
collections first approach which helps weed out the
potential bad customers and hence build a profitable
Data Analytics book with low NPAs . This in turn helped them to get
maximum return on our equity and negotiate a
better borrowing cost with our lenders.

23
FINTECH LENDING
BUSINESS
OPPORTUNITIES

24
POS Based Lending Is The Fastest Growing Lending Solution Segment
Point of Sale based Lending
It aims at financing merchants who use swiping machine for payment acceptance

Target Segment Business Highlights Key Data Sets for Credibility Market Numbers
724
Check
POS based lending provide easy access to • Swipe Machine Transaction Data CAGR
merchant related data which allows easy 11%
credit check. Data parameters provided by • Sellers Data on e-commerce
platform like Amazon, Flipkart etc.
POS are: 236
 Merchant Profiles: category,
business address etc.
Key Players  Transaction Data: Time, date,
debit/credit of transaction 2016 2022
 Post business Data: tracking the India POS Terminal Market (in USD
health of the business mn)
 POS market expected to grow at 11% till 2022 due to digitization focus
 POS industry in India can reach valuation of USD 3 bn by 2024

Source: News Articles, NASSCOM 23


P2P Lending Driving Consumer Based Lending in India
P2P Lending
It links unsecured personal loan borrows to the investors who want to earn higher interest

Target Segment Business Highlights Key Data Sets for Credibility Market Numbers
Check
4000
P2P based lending is the consumer • Credit Bureau Data CAGR
type of lending allowing an • Expense Tracker Apps >100%
individual to lend to another
individual. It has certain benefits:
Lender
 29
Key Players Better Returns: Up to
30%
 Monthly payment with 2016 2022
interest
Borrower India P2P Market (in USD mn)
 P2P lending market is expected to reach USD 4-5 billion by 2023.
 With no credit history
once can ask for loan  Only 30+ players in market have RBI licenses for executing P2P business.
 Paperless application

Source: News Articles, NASSCOM 24


Invoice Based Lending Providing Support to Many MSMEs
Invoice based Lending
It aims at financing merchants against the amount due from customer which is basically account
receivables

Target Segment Business Highlights Key Data Sets for Credibility Market Numbers
63
Check
 Credit history of the merchant CAGR
• POS Terminal Data ~20%
can be checked whose invoice • Bank Transaction Data
needs to be discounted • Merchant transaction data from e-
 NBFC credit squeeze have a commerce
direct impact on invoice based
13
lending due to shortage of
Key Players working capital

2007-08 2015-16
Number of MSMEs in India (in mn)
 High growth in number of SMEs in past 10 years
 SMEs are discounting bills worth more than USD 140 mn every month
 Mandatory for companies with turnover USD 70 mn to be part of TReDS (Trade
Receivables Electronic Discount System)

Source: News Articles, NASSCOM 25


Short Term Lending is Gaining Momentum Due to Instant Credit Need
Short Term Lending
It gives users credit in customized manner which allows them to make instant purchases

Target Segment Business Highlights Key Data Sets for Credibility Market Numbers
144
Check CAGR
 Offer flow of money in the
• Credit Bureau Data ~10%
form of flexi EMIs • Expense Tracker Apps
88
 Most of short term loans are • Bank Transaction Data
dispersed in hours or within a
day or two.

Key Players
2015 2018
Credit under the personal finance segment
(in USD bn)
 Credit under the personal finance segment at USD 144 bn
 Catering to wide market like salaried individuals, college students etc.

Source: News Articles, NASSCOM 26


Case Studies- Buy Now, Pay Later
ePayLater is a digital payment solution that enables a "Buy Now,
Pay Later" solution for frequent online purchasers
Innovative Business Model
One can start transacting with this digital credit across categories such as
travel, movies, food, retail, groceries and more. It allows the users a 14-day
interest-free period from the date of purchase to settle the payment. Lazypay is the product of PayU (a fintech company
that provides payment technology to online
merchants introduced a lending product). Lazypay
 It also offers UPI powered credit solution. The recent launch of works on the principle of “Buy Now Pay Later” which
ePayLater UPI enables the users to transact on top merchant addresses short-term credit needs of consumers for
portals that are UPI enabled. their purchases
 It has an in-app OTP option for IRCTC users to process faster
tatkal bookings.
 Users need to check their unique credit limit by
entering personal and KYC details about themselves.
 The customers can shop online across 100+
merchants and choose the option to pay later at
Innovative Business Model checkout.
 All purchases are consolidated into a LazyPay bill,
due on 3rd and 18th of each month.
 The apps sends regular reminders to its users to
make quick repayments and tracks spending.
 Partners: Swiggy, BookMyShow, Croma among
others
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KEY RISKS AND
CHALLENGES

30
Risks / Challenges with Fintech Lending

Liquidity Squeeze
Liquidity squeeze can cause interest
rates to rise directly impacting end
customers

Skill Deficit
Default Rate Fintech lending companies struggle to get
Business viability is questionable as skilled professionals
default rate increases (>6%)

Funds / Partnerships Credit Limit


Partnering with Banks or NBFCs a catalyst for RBI lending regulations such as P2P lending law
Fintech companies which caps maximum lending or borrowing by
a single vendor to USD 0.014 mn (INR 10 lakhs)

First Loss Default Guarantee (FDLG) Borrowing Cost


No clear guidelines for first loan default guarantee Borrowed money from NBFCs and banks
which can provide safety to lenders for lending comes with a high interest rate

Bad Loans
Bad loan ratio of NBFCs climbed to 6.6%
Source: News Articles, NASSCOM from 3.6% in past 5-6 years 31
NASSCOM
RECOMMENDATIONS

32
NASSCOM Recommendations
Address issues pertaining to digital on-boarding of customers Support new technology and innovation in lending
• Modifying MoF circular for the use of Aadhaar
Encourage lending • RBI has excluded innovations pertaining to credit
Reconsider the application authentication services by non-banking entities
products/services/technology information and credit registry, from the sandbox,
process for e-KYC • Allowing lending companies to directly approach to be tested in sandboxes this exclusion will foreclose innovation where we
UIDAI for e-KYC authentication facility need it the most

Suggest appropriate To act as a connect between • Catalyzing the whole discussion between
modifications to various KYC • Making suggestions to the government on how Start-ups/ Industry and government, industry and start-ups focused on
related policies to simplify the KYC rules Government implementing new age lending solutions

Proactive adoption of • Industry should show interest in the new Provide support to new age • Traditional lending companies should
digital KYC process of video KYC tech start-ups collaborate with new age Fintech start-ups

Reducing default rates Improve access to credit


• Introduce a tax rebate for a significant period
Mandatory Reporting of • Mandate lending platforms to report default to Incentivize traditional lenders
Default • Mandate companies to collect interest and
Public Credit Registry to go digital
repayment of loan digitally
Make loan application less
• Every lending company should proactively submit cumbersome for consumers • Create awareness among consumers
Create a common default their defaulters list to Public Credit Registry
reporting platform • Abstain from taking memberships of different
Adopt collaborative & data • Embracing Account Aggregator model
credit bureaus to run a credit profile check of
driven models
borrowers

Recommended Initiatives Government NASSCOM Industry 33


FINTECH LENDING 2020
OUTLOOK

34
What To Expect in Fintech Lending In 2020

Stronger Data Analytics Collaborations Offering Customized


To reach a more authentic More collaboration among
Solutions
Customized products like credit cards,
credit score, more focus to be Fintech start—ups, banks and accounts based on borrower’s credit
given to data analytics NBFCs expected in near future and profile

Full Stack Companies Democratizing Data


Lending companies to have in- Allowing portability of trusted data
house capability of offering loans, between service providers under Data
compliance, regulatory etc. Empowerment and Protection
Architecture (DEPA) architecture

Source: NASSCOM 35
KEY CONTRIBUTORS
Ashish Aggarwal
Senior Director, Policy, NASSCOM
Gaurav Hinduja
Co-Founder, Capital Float Ashish Varun
Head - International Sales,
Marketing, Nelito Systems
Sampad Swain
Co-Founder, Instamojo
Abhishek Kothari
Co-Founder, Flexiloans.com
Sony Joy
Head, TrueCaller Pay
Siddharth Das
Founder, Univ.ai
Pratekk Agarwaal
Chief Business Officer, BharatPe
Rimjhim Srivastava
Deputy Manager, NASSCOM
Harshil Mathur
CEO & Co-Founder, Razorpay

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About NASSCOM 49

The National Association of Software and Services Companies (NASSCOM®) is the premier trade body and chamber of commerce of the Tech industry in India
and comprises over 2800-member companies including both Indian and multinational organisations that have a presence in India. Our membership spans
across the entire spectrum of the industry from start-ups to multinationals and from products to services, Global Service Centers to Engineering firms. Guided
by India’s vision to become a leading digital economy globally, NASSCOM focuses on accelerating the pace of transformation of the industry to emerge as the
preferred enablers for global digital transformation. Our strategic imperatives are to reskill and upskill India’s IT workforce to ensure that talent is future-ready in
terms of new-age skills, strengthen the innovation quotient across industry verticals, create new market opportunities - both international and domestic, drive
policy advocacy to advance innovation and ease of doing business, and build the Industry narrative with focus on Talent, Trust and Innovation. And, in
everything we do, we will continue to champion the need for diversity and equal opportunity. NASSCOM has played a key role in not just the growth of the
Industry to become a $180+Billion industry today, but we have helped establish the Tech industry in India as one of the most trusted partners, globally.
NASSCOM continues to make significant efforts in contributing towards India’s GDP, exports, employment, infrastructure development and global visibility. Our
membership base constitutes over 95% of the industry revenues in India and employs over 4 million professionals, and as technology blends into every aspect
of the economy, we expect the industry to become key driver of growth, development and inclusion for the country. Our mission is to make India a global hub for
Innovation and Talent so when the world thinks Digital, the world will think India.

Disclaimer
The information contained herein has been obtained from sources believed to be reliable. NASSCOM
disclaims all warranties as to the accuracy, completeness or adequacy of such information. NASSCOM
shall have no liability for errors, omissions or inadequacies in the information contained herein, or for
interpretations thereof.

The material in this publication is copyrighted. No part of this report can be reproduced either on paper or
electronic media without permission in writing from NASSCOM. Request for permission to reproduce any
part of the report may be sent to NASSCOM.

Usage of Information
Forwarding/copy/using in publications without approval from NASSCOM will be considered as
infringement of intellectual property rights.
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